Octopus Energy nets yet another acquisition with ENGIE’s UK residential energy supply business
- Octopus Energy announces latest acquisition of ENGIE’s 70,000 UK residential energy supply customers
- This is its sixth acquisition in two years, while it also powers M&S Energy and London Power
- The company has 5% market share, supporting more than 1.4 million household customers in the UK, plus retail and technology licensing internationally
- Company remains only Which? Recommended Energy Provider, and has been named Utility Of The Year three times in 2019.
Today, Octopus Energy, one of the UK’s leading energy tech companies and renewable suppliers, announces its sixth acquisition in just two years. It has agreed a deal with ENGIE UK to take over supply of its 70,000 customers, as the latter orchestrates a strategic exit from the UK domestic energy market to focus on leading the zero carbon journey for businesses and local authorities. ENGIE’s business energy customers and district energy supply operations are not impacted by this acquisition.
The latest announcement continues Octopus’ significant growth in the last year. The supplier has expanded from 500,000 customers at the end of 2018 to 1.4 million supplied in the UK.
Octopus will add ENGIE UK’s domestic energy customers to its ranks over the next few months, where they will continue to enjoy renewable electricity as standard, and benefit from Octopus’s award-winning customer service. Octopus Energy was the first company to announce a 2020 price cut for customers on standard variable tariffs and is top of Trustpilot and the Only Energy Provider Recommended by Which?
As its UK operation goes from strength to strength, Octopus is continuing its ambitious global growth plans through integrated technology partnerships. This includes a partnership with Hanwha group in Australia, the licensing of its Kraken platform to UK supplier Good Energy, and acquisition of 4Hundred in Germany.
Greg Jackson, CEO of Octopus Energy, comments “Octopus Energy is investing to drive the green energy revolution - our technology enables a lower cost transition and our rapid growth means we can bring the benefits of cheaper, greener, smarter energy to ever more customers. It is an honour to acquire ENGIE's UK home energy supply operations, enabling ENGIE to focus on their expanding services in other sectors whilst we bring their customers Octopus's renowned service, pricing and technology.
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About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences.
Octopus Energy Group’s domestic energy arm already serves 1.4 million customers via Octopus Energy, Affect Energy, M&S Energy and Co-op Energy with cheaper, greener power. While Octopus Energy for Business manages over 10,000 customers with proprietary energy offerings.
All of these are made possible by tech company Kraken Technologies, which offers an in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. With operations in Germany and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
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